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Wednesday, September 22, 2010

Crude Oil Rises on Forecast of Supply Decline, Weaker Dollar

Crude oil rose before a report forecast to show U.S. inventories dropped for a third week and as the dollar fell, spurring investor demand for commodities. The Energy Department will probably say that supplies slipped 1.75 million barrels, according to the median of 18 analyst responses in a Bloomberg News survey. The Dollar Index, a gauge of the currency versus six major trading partners, slid to the lowest level since March 17. “It makes sense that prices are heading higher this morning because today’s report is expected to show a sizable draw in crude oil stocks,” said Jason Schenker, the president of Prestige Economics LLC, an Austin, Texas-based energy consultant.

Crude oil for November delivery rose 94 cents, or 1.3 percent, to $75.91 a barrel at 9:02 a.m. on the New York Mercantile Exchange. Futures are up 6 percent from a year ago. Brent crude oil for November settlement gained 37 cents, or 0.5 percent, to $78.79 a barrel on the London based ICE Futures Europe exchange. The Dollar Index slipped 0.7 percent to 79.844. The U.S. currency traded at $1.3374 per euro, down 0.8 percent from yesterday, after touching $1.3418 per euro, the lowest level since April 17.....Read the entire article.

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